The condo market is booming in the area, with apartment buildings topping out at 1,500 units and apartments soaring to the 6,400 to 9,500 foot mark.
That’s the same height as condos in Manhattan and San Francisco, and about twice as tall as the homes listed in the most recent sales report.
The condo market, which is dominated by luxury condos, is a big boon for companies like Elevated.
The company has been building more than 60,000 units in the past two years.
The company’s main project is the 2,300-unit project at Lake Tahoe, which has already gone through multiple construction stages.
The new Lake Tahoes apartment building is just one of the more than 80 high-rise projects in the valley.
Elevated also is building another 1,300 units at Lake Merced, which also is under construction, and is looking to build another 1.4 million units in California.
Elevated’s new high-rises have an average floor area of 3,500 square feet, with the average unit costing $2,000 more than a comparable unit in the neighborhood, according to data from Zillow.
The average monthly rent in the condo market for new projects has climbed from $1,800 to $3,700, according the company.
But that’s still a big jump compared to the condo housing market, where the average rent for a condo is $1.75 per square foot.